Owners in shares (Tenants in Common) do we need a Deed of Trust?

Greendayfan

Me and my partner are purchasing a property together on a 40/60% share, with no mortgage on the property.
Our solicitors are now saying we need to have a Deed of Trust but my understanding is we can be Owners in Shares with our percentage share detailed in our own wills. I can't see why they are pushing us to have a Deed of Trust in addition to our wills other than its an extra £500 for them.
I'm happy to stand corrected if anyone can offer a reason or justification for why a Deed of Trust is any different or better than having the details of what percentage we each own detailed in our wills.

flashg67

Layman's thoughts only! - A will only works when one of you dies? What happens of you split up and need to pay the other one out? Never had one done but seem to be less than £500  - eg https://www.deedoftrust.co.uk/

Greendayfan

flashg67 said:

Layman's thoughts only! - A will only works when one of you dies? What happens of you split up and need to pay the other one out? Never had one done but seem to be less than £500  - eg https://www.deedoftrust.co.uk/

Thank you, splitting up would explain the need for the DoT and that price seems a lot more reasonable too.

hazyjo

Seems a bit of a daft split to me. Can't you just buy 50/50 and one person owe the other, or the 'pot'? Or buy something cheap enough to split equally?

Is all the maintenance etc going to be split 60/40 too?

greatcrested

As hazyjo says the Deed would specify moe than just the 60/40 split.

And is also legally binding on both parties until/unless they both agree to cancel it.

With wills, one of you could change their will at any time unilaterally.

A will is for a completely different purpose.

I can't comment on the cost but no reason not to shop around, though of course it's easier to have it done at the same time as the conveyancing.